See this for what it is...
1) Wachovia's CEO and Board of Directors drives their company into imminent bankruptcy
2) The Fed stepping in last weekend, pleading for anyone to come and rescue Wachovia (which on Monday was going down folks - they were toast)
3) Wells Fargo walked away from a $20B deal with Wachovia
4) The Fed begging Citi to do something at the midnight hour, and Citi wants protection from the crap (no guarantee of a $700B bailout at the time), and offers 2.2B for the retched bank operations (not the good stuff, like AG Edwards.)(Oh, and last I checked,$2.2B was a lot better than $0.0B)
5) Citi floats the liquidity that Wachovia needs all week to stay alive, and negotiates with Wachovia on the finer points of their agreement through early Friday morning
6) Wachovia secretly meets with Wells Fargo, without Citi or Fed knowledge to strike a deal while under the Exclusivity Agreement
This is bunk about Wells not doing it without Gov't Assistance. They can offer $15B because they have the protection of the $700B Emergency Package now.
More importantly, the CEO, Sr Mgmt and the Board would have lost their $220M golden parachute under the Citi deal, but they get it back with the full sale to Wells Fargo. That's all that this is about now.
Citi will go to court, and they will win. Wachovia employees were betrayed by their leaders, and should sell now.